Cuomo lauds First Niagara – HSBC deal

News broke today that First Niagara, a Buffalo-based bank, has bought the Upstate American operations of HSBC. First Niagara paid $1 billion for 195 HSBC branches, including over 50 in greater Buffalo.

First Niagara said most of HSBC’s 1,900 employees will be retained, according to the Buffalo News. First Niagara expanded into the Capital Region when it purchased Troy Savings Bank in 2004. It’s unclear how First Niagara will deal with areas — like downtown Troy — where branches would be located within blocks of each other.

Given the possible losses from the HSBC divestment in New York, this is the best possible outcome for HSBC’s employees and branches across the state. In addition, this purchase is good news for New York because First Niagara is a New York company that has a record of growth and creating jobs in upstate New York and with this deal it is showing that it is poised to continue and expand this important commitment to our state and our workforce.

Totaling over one billion dollars, this is also a major acquisition by an upstate New York business and should be seen by businesses across the country and around the world that New York State is a place they can invest and grow.

I want to thank John Koelmel, President and CEO of First Niagara, for investing in New York and for agreeing to serve this state as a member of my Western New York Regional Council for economic development.

The top priority of my administration is to create jobs and grow our state’s economy and today’s news is a hopeful sign for our economic future.